This paper develops, on the basis of goods and services from national accounts, a classification of the Colombian economy between tradable and non tradable sectors according to their degree of export or import orientation and to the relationship between the movements of their prices and the exchange rate.The methodology offers several advantages over traditional classification methods: (i) a greater representativeness of all goods and services in the economy, (ii) a greater accuracy in estimating the size of each sector and (iii) it has greater objectivity in the selection criteria.Based on the classification of products between tradable and non tradable price indices are constructed for these sectors (and for goods and services imported and exported) using information from producer, consumer and other sectoral price indicators.Two applications of these indices to the Colombian economy are presented: an index of terms of trade and an indicator of real exchange rate.